Are you ready for a cashless future? Mobile commerce value expected to triple by 2020

Alright, startups, it’s time to look at the future – or non-existence – of cash. The increasing dependability of consumers on mobile and ecommerce means that startups and businesses of all sizes need to be ready for if/when cash becomes a thing of the past.

All over the world, people are starting to question when – rather than if – cashless societies will come into place.

Countries like Sweden are already witnessing massive numbers of people and businesses reject cash in favor of peer-to-peer payment systems.

Once reserved for big purchases, digital payment platforms are now used for everything, from purchasing expensive items to donating (the equivalent to change) to charity.

Monica Eaton-Cardone, co-founder and COO of Chargebacks911 – a chargeback management company – says businesses of all sizes must look to leverage mobile apps to their advantage. However, businesses must watch out for certain caveats that could put them at a disadvantage.

Eaton-Cardone warned, “Regulations now allow issuing banks to group low-ticket transactions as a single chargeback claim, so merchants cannot accurately track their mobile app chargebacks or match the transactions in their order management system.”